# CTE Resource Center - Verso - Economics and Personal Finance Task 1064065657

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Examine components and purposes of a personal net worth statement.

Definition

Examination should include
  • definition of net worth statement and identification of its components (a statement showing one’s financial position, calculated as follows: assets − liabilities = net worth)
  • discussion of the purposes of a net worth statement (usefulness as an analytical tool; usefulness to creditors, investors, lenders, financial advisers)
  • identification of assets (e.g., checking and savings account balances, car value, personal property value)
  • identification of liabilities (e.g., car loan, mortgage loan, bank loan, credit card balances).
Examination should also incorporate the concept of a personal property inventory, to include
  • definition of personal property inventory (a list of all one’s personal property)
  • discussion of the purpose of a personal property inventory (usefulness in the event of fire, theft, or property damage; a record of personal property value, useful in preparing a personal net worth statement)
  • identification of components of a personal property inventory (digital photographs or videos of personal property, along with an electronic database inventory)
  • description of safe storage of the inventory records.

Related Standards of Learning

English

10.3

The student will apply knowledge of word origins, derivations, and figurative language to extend vocabulary development in authentic texts.
  1. Use structural analysis of roots, affixes, synonyms, and antonyms, to understand complex words.
  2. Use context, structure, and connotations to determine meanings of words and phrases.
  3. Discriminate between connotative and denotative meanings and interpret the connotation.
  4. Explain the meaning of common idioms.
  5. Explain the meaning of literary and classical allusions and figurative language in text.
  6. Extend general and cross-curricular vocabulary through speaking, listening, reading, and writing.

10.5

The student will read, interpret, analyze, and evaluate nonfiction texts.
  1. Analyze text features and organizational patterns to evaluate the meaning of texts.
  2. Recognize an author’s intended audience and purpose for writing.
  3. Skim materials to develop an overview and locate information.
  4. Compare and contrast informational texts for intent and content.
  5. Interpret and use data and information in maps, charts, graphs, timelines, tables, and diagrams.
  6. Draw conclusions and make inferences on explicit and implied information using textual support as evidence.
  7. Analyze and synthesize information in order to solve problems, answer questions, and generate new knowledge.
  8. Analyze ideas within and between selections providing textual evidence.
  9. Summarize, paraphrase, and synthesize ideas, while maintaining meaning and a logical sequence of events, within and between texts.
  10. Use reading strategies throughout the reading process to monitor comprehension.

11.3

The student will apply knowledge of word origins, derivations, and figurative language to extend vocabulary development in authentic texts.
  1. Use structural analysis of roots, affixes, synonyms, and antonyms to understand complex words.
  2. Use context, structure, and connotations to determine meanings of words and phrases.
  3. Discriminate between connotative and denotative meanings and interpret the connotation.
  4. Explain the meaning of common idioms.
  5. Explain the meaning of literary and classical allusions and figurative language in text.
  6. Extend general and cross-curricular vocabulary through speaking, listening, reading, and writing.

11.5

The student will read, interpret, analyze, and evaluate a variety of nonfiction texts including employment documents and technical writing.
  1. Apply information from texts to clarify understanding of concepts.
  2. Read and correctly interpret an application for employment, workplace documents, or an application for college admission.
  3. Analyze technical writing for clarity.
  4. Paraphrase and synthesize ideas within and between texts.
  5. Draw conclusions and make inferences on explicit and implied information using textual support.
  6. Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.
  7. Analyze false premises, claims, counterclaims, and other evidence in persuasive writing.
  8. Recognize and analyze use of ambiguity, contradiction, paradox, irony, sarcasm, overstatement, and understatement in text.
  9. Generate and respond logically to literal, inferential, evaluative, synthesizing, and critical thinking questions about the text(s).

12.3

The student will apply knowledge of word origins, derivations, and figurative language to extend vocabulary development in authentic texts.
  1. Use structural analysis of roots, affixes, synonyms, and antonyms, to understand complex words.
  2. Use context, structure, and connotations to determine meanings of words and phrases.
  3. Discriminate between connotative and denotative meanings and interpret the connotation.
  4. Explain the meaning of common idioms, and literary and classical allusions in text.
  5. Extend general and cross-curricular vocabulary through speaking, listening, reading, and writing.

Other Related Standards

Economics and Personal Finance Standards of Learning

EPF.17

The student will demonstrate knowledge of personal financial planning by
  1. identifying short-term and long-term personal financial goals;
  2. identifying anticipated and unanticipated income and expenses;
  3. examining components and purposes of a personal net worth statement;
  4. developing a personal budget;
  5. investigating the effects of government actions and economic conditions on personal financial planning; and
  6. explaining how economics influences a personal financial plan.

FBLA Competitive Events and Activities Areas

Business Calculations

 

Business Law

 

Business Math

 

Economics

 

Introduction to Business

 

Personal Finance